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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (14005)	5/25/2004 12:26:39 PM
From: Esoteric1	Read Replies (2) of 110194

Also Good for OMG: Nickel demand set to rise By: Gareth Tredway Posted: '21-MAY-04 13:16' GMT © Mineweb 1997-2004 Nickel’s 6 percent supply deficit could widen this year, as demand out of China is set to jump. The metal’s price has risen 35 percent over the last 12 months, causing a squeeze on steel producer’s profits, says Bloomberg. Shanghai Baosteel Group, China’s largest steelmaker, told the newservice it would triple its purchases of nickel this year to supply its two new stainless steel plants. Discussions are currently underway with Jinchuan Group, China’s biggest nickel producer. Last year the company purchased 6,000 tons of nickel. Li Cheng, president of the stainless steel council of China’s Special Steel Enterprises Association said nickel output is unable to keep the pace with stainless steel production, forcing steel makers to use cheaper alternatives such as chromium and manganese in steel production. The nickel price, currently at around $10,995 per ton, would need to fall to about $7000 per ton for steel makers to start making reasonable returns, said Chai Zhiyong, general manager of Shanxi Taiging Stainless Steel. mineweb.net

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